Connor Clark & Lunn Investment Management Ltd. Takes $913,000 Position in Agree Realty Corporation $ADC

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 11,825 shares of the real estate investment trust's stock, valued at approximately $913,000.

Other institutional investors also recently bought and sold shares of the company. Cullen Frost Bankers Inc. purchased a new position in Agree Realty during the first quarter valued at $27,000. Bernard Wealth Management Corp. purchased a new position in shares of Agree Realty in the 4th quarter worth $31,000. Capital Advisors Ltd. LLC grew its stake in shares of Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock worth $36,000 after buying an additional 270 shares in the last quarter. NBC Securities Inc. purchased a new position in shares of Agree Realty in the 1st quarter worth $39,000. Finally, Larson Financial Group LLC grew its stake in shares of Agree Realty by 415.1% in the 1st quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust's stock worth $42,000 after buying an additional 440 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Joey Agree acquired 2,100 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was bought at an average price of $72.08 per share, for a total transaction of $151,368.00. Following the acquisition, the chief executive officer directly owned 635,160 shares of the company's stock, valued at $45,782,332.80. This represents a 0.33% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders have bought 6,950 shares of company stock worth $501,296. Company insiders own 1.80% of the company's stock.

Analyst Ratings Changes

ADC has been the subject of a number of recent research reports. Barclays dropped their price objective on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a research note on Wednesday. Mizuho dropped their price objective on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Wall Street Zen cut shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Morgan Stanley cut shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective for the company. in a research note on Friday, July 11th. Finally, Robert W. Baird lifted their price objective on shares of Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $80.50.

Agree Realty Trading Down 0.3%

Shares of ADC stock traded down $0.1910 during trading hours on Friday, reaching $73.8490. 168,846 shares of the stock were exchanged, compared to its average volume of 1,179,785. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. The company's 50-day moving average price is $73.14 and its 200-day moving average price is $74.26. The firm has a market capitalization of $8.17 billion, a price-to-earnings ratio of 43.97, a price-to-earnings-growth ratio of 2.40 and a beta of 0.55.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The firm had revenue of $175.53 million during the quarter, compared to analysts' expectations of $173.95 million. During the same period in the previous year, the company earned $1.04 EPS. The firm's revenue for the quarter was up 15.0% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. As a group, equities analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a dividend of $0.256 per share. The ex-dividend date is Friday, August 29th. This represents a c) dividend on an annualized basis and a yield of 4.2%. Agree Realty's dividend payout ratio (DPR) is presently 182.74%.

Agree Realty Profile

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.